Pension “Sacrifice”? | NY Torch

In today's Times report on the reaction of municipal labor unions to possible budget-cutting strategies, UFT President Randi Weingarten argues against any reform of generous pension benefits for municipal employees: “Here we have a situation where ...

What happens in CA … | NY Torch

California may have to ask the federal government for a $7 billion loan by the end of the month just to pay for basic services like police and firefighting, Gov. Arnold Schwarzenegger warned last Thursday. New York City readers may have shuddered, as...

Is $700 billion just a drop in the bucket? | NY Torch

Just belatedly realized something in crunching the equity- and debt-underwriting numbers: Between 2005 and 2007, American financial institutions produced $5.4 trillion worth of mortgage-backed and other asset-backed securities not guaranteed by a gov...

Surpluses… but not for taxpayers, unless Bloomberg acts by Nicole Gelinas | | NY Torch

New York City's current budget is an object lesson in why too much money is just as serious a problem as too little. New York ended the last fiscal year with $3.8 billion more than it expected to spend. . . but while taxpayers historically have borne tax-rate hikes to fund the city's predictable cyclical deficits, they will not see tax cuts due to the current record surplus, unless Mayor Bloomberg takes advantage of this temporary boom time. . .
1 78 79 80 82